Medi Assist India invests $1m in mobile fitness startup Mobiefit

Mobifit co-founder Gul Panag. (Mint)

Medi Assist India TPA Pvt. Ltd., a healthcare management services provider related to medical insurance has invested $1 million in Mobiefit, a mobile fitness start-up.

The strategic partnership is expected to further strengthen the company’s presence in the corporate segment with mobile app-based fitness programmes.

Medi Assist, founded in 1999, has 5,000-plus corporate clients for its customized wellness programmes based on data analytics. In 2013, it launched its first mobile app, Medibuddy, which enables its users to plan their hospitalization, raise and track health insurance claims, search network hospitals where they can avail of cashless hospitalization and schedule appointments at hospitals, among other things.

With mobile devices fast becoming the primary source of information as well as transactions for users, MobieFit fits into the Medi Assist’s future strategy well. MobieFit, co-founded by serial entrepreneur Gourav Jaswal and Indian actress Gul Panag, launched its debut product FirstRun, a voice-assisted coaching-based app which provides users with training programs on running, in February.

The Goa-based company plans to launch more apps in other areas of fitness in 2016. “In Mobiefit, we find a strategic partner who understands the pulse of the Indian customer. The team is technically very sound, has a strong leadership team and is equally passionate about re-inventing how Indians achieve their wellness goals,” said Satish Gidugu, COO, Medi Assist.

“Fitness is as stratified as the restaurant business in India. Over 50 million people walk, over 10 million practise yoga and over 7.5 million are members of gyms…With our partnership, with Medi Assist, we hope to take our mFitness offering to more than 5 million corporate employees in urban India”, said MobieFit’s Jaswal.

Also read:

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India: Healthcare app provider Medinfi raises funds from individual investors

Healthcare-focussed OrbiMed closes sixth VC fund at $950m

This story was published on Livemint

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.